JITF Infra Logistics Ltd Management Discussions

Global economic growth

In 2024, the global economy grew at a steady 3.3%, reflecting a phase of relative stability despite subdued momentum. However, 2025 has brought a wave of heightened volatility, as major economies recalibrate their policy priorities against the backdrop of escalating geopolitical tensions and deep-rooted structural challenges. The most significant turning point came in April, when the US implemented sweeping tariffs, prompting retaliatory measures worldwide. These sudden shifts have fueled global trade uncertainty, triggered sharp corrections in equity markets, and pushed bond yields higher, adding fresh layers of complexity to the global economic landscape.

Global economy growth projections

On the inflation front, global inflation is set to ease, reaching 4.3% in 2025 and 3.6% in 2026, with advanced economies progressing faster than emerging markets. This downward trend is supported by cooling labour markets and lower energy prices. However, geopolitical conflicts like the Russia-Ukraine and Israel-Gaza wars may cause localized inflation spikes, particularly in energy and food. Divergent monetary policies across regions are also expected to influence capital flows, investments, and exchange rates, adding complexity to the global economic environment.

Global trade, while moderated by recent tariff hikes and geopolitical complexities, is expected to grow at a modest 1.7% in 2025. Yet, global supply chains continue to evolve, displaying resilience through diversification, digital transformation, and forward-looking trade agreements. These trends signal a global marketplace that, while challenged, is steadily adapting, fueled by innovation, strategic collaboration, and a shared commitment to long-term growth.

In terms of individual economies, the USA is expected to grow at 1.8% in 2025, following a strong 2.8% expansion in 2024. The European economy is projected to experience a gradual recovery, with euro area GDP growth forecasted to accelerate to 0.8% in CY 2025 and 1.2% in CY 2026, following a modest 0.9% expansion in CY 2024. This recovery is expected to be supported by monetary policy easing, continued implementation of Next-Generation EU spending, and a gradual recovery in external demand. Chinas growth is projected to decline to 4.6% in 2025 and 4.5% in 2026, reflecting weak consumer confidence, a sluggish labor market and persistent challenges in the real estate sector. India continues to be a bright spot, with growth projected at 6.2% in 2025 and 6.3% in 2026, propelled by robust private consumption, particularly in rural sectors.

Outlook

In todays rapidly shifting global landscape, businesses are navigating a complex mix of slowing growth, evolving policy priorities, and economic divergence. While global expansion is showing signs of

moderation, the resilience of select economies, particularly in Asia which continues to unlock promising and focused opportunities. However, rising protectionism, trade disruptions, and geopolitical tensions are driving up costs and reshaping global supply chains. To navigate this uncertainty, clear policy direction, regional collaboration, and agile strategies will be essential to ensure stability and sustainable progress. Indian economy overview

Indias economy demonstrated remarkable resilience in 2024-25, achieving a GDP growth of 6.4% despite global challenges such as trade disruptions, inflationary pressures, and market volatility. This steady performance was underpinned by strong domestic fundamentals·robust private consumption, improving rural demand, and a stable macroeconomic environment. The Reserve Bank of India, in its April 2025 bulletin, credited this strength to prudent fiscal management, a solid policy framework, and the vitality of internal growth drivers. While global uncertainties persist, Indias broad-based domestic demand continues to act as a reliable cushion against external shocks.

Indian GDP growth

¦ GDP Growth at constant prices

Indias current account deficit (CAD) widened to $11.5 billion in the third quarter (Q3) of FY25 from $10.4 billion in the year-ago quarter due to increase in merchandise trade deficit. However, CAD was unchanged at 1.1% in terms of percentage of GDP. However, on the positive side, CAD moderated from $16.7 billion (1.8% of GDP) in Q2 FY25 to $11.5 billion (1.1% of GDP). For Q4 FY25, the current account witnessed a surplus of $13.5 billion (1.3% of GDP) aided by a seasonal uptick in merchandise exports and the resulting moderation in the merchandise trade deficit, as well as healthy services surpluses. For the entire fiscal year (FY25), the CAD is in deficit of around $23.3 billion (0.6% of GDP).

Indias foreign exchange reserves have continued their upward trajectory, reaching $676.3 billion as of April 4, 2025, according to the Reserve Bank of India (RBI). This marks the highest level in five months and reflects gains for the fifth straight week. With this achievement, India has firmly positioned itself as the worlds fourth-largest holder of forex reserves, following China, Japan, and Switzerland. The journey of Indias forex reserves has been remarkable · rising from just $29.3 billion in March 1997 to an impressive $676.3 billion by April 4, 2025. More than just a number, these reserves are a testament to Indias economic resilience and prudent financial management. In times of global uncertainty, they act as a vital buffer, strengthening market confidence and supporting economic stability. They also play a critical role in bolstering the national currency, facilitating debt repayments, and promoting vibrant trade activities.

Indias economic growth momentum remains strong, with the real Gross Value Added (GVA) projected to expand by 6.4% in FY25. The agriculture sector is set for a healthy rebound, expected to grow at 3.8%, reflecting resilience in farm output. The industrial sector is poised for 6.2% growth, supported by a surge in construction activities and steady expansion in electricity, gas, water supply, and other utilities. Meanwhile, the services sector continues to be a key driver of economic activity, projected to grow at 7.2%, fueled by strong performance in financial and real estate services, professional sectors, public administration, and defense. This balanced expansion across sectors underscores the economys robustness and adaptability in the face of evolving challenges.

Despite the overall positive outlook, certain challenges persisted, particularly in the manufacturing sector. Export growth in this segment faced a notable slowdown, largely due to subdued demand from key international markets. Additionally, the aggressive trade and industrial policies adopted by major trading nations further intensified the pressure, creating a more competitive and restrictive global landscape for manufacturing exports.

Indias net direct tax collections for FY25 witnessed a robust 13.57% growth, rising to Rs.22.26 lakh crore. This figure not only exceeded the initial budget estimates but fell just short of the revised target, largely due to lower-than-expected non-corporate tax receipts. Reflecting the strength of this performance, tax buoyancy, which measures the growth in direct taxes relative to GDP growth, improved to 1.57, up from 1.54 in FY24. For context, the net direct tax collection in FY24 stood at Rs.19.60 lakh crore, underlining the strong momentum carried into the new fiscal year.

Export scenario

Indias total exports have touched an all-time high of US$824.9 billion in the Financial Year 2024-25, as per the latest data released by the Reserve Bank of India on services trade for March 2025. This marks a growth of 6.01% over the previous years export figure of US$778.1 billion, setting a new milestone in the countrys trade trajectory.

As demand for Indian products in the global market surges across categories, the countrys total exports reached about $778 billion in FY 2023-24, compared to $466 billion in FY 2013-14 - a whopping 67% growth. In 2023-24, merchandise exports stood at USD 437.10 billion, while services exports contributed USD 341.11 billion, demonstrating a well-balanced expansion. Key sectors like electronics, pharmaceuticals, engineering goods, iron ore, and textiles played a vital role in this surge. Strengthened by strategic policy measures, enhanced competitiveness, and broader market access, Indias export ecosystem is now more resilient and deeply integrated into the global economy.

The momentum has continued into FY 2024-25, with cumulative exports during Financial Year 2024-25 at USD 824.9 billion, a 6.01% increase from USD 778.1 billion in the FY 2023-24. Strengthened by strategic policy measures, enhanced competitiveness, and broader market access, Indias export ecosystem is now more resilient and deeply integrated into the global economy.

Indias export growth

Indias share in world merchandise exports also improved from 1.66% to 1.81%, with the country advancing in rankings from 20th to 17th position. The feat was achieved as the government implemented several initiatives to sustain and accelerate export growth.

Union Budget FY 2025-26

The Union Budget 2025-26 set a robust course for Indias economic growth, placing a strong emphasis on agriculture, MSMEs, investments, and exports as key drivers. Demonstrating a balance between fiscal discipline and development, the government targeted a fiscal deficit of 4.4% of GDP while earmarking Rs.11.21 lakh crore (3.1% of GDP) for capital expenditure to fuel infrastructure expansion. Marking a notable shift, the February 2025 budget introduced significant personal income tax relief, making annual incomes up to Rs.12 lakh tax-exempt from April 1,2025. Economists anticipate this move could generate Rs.1 lakh crore in tax savings and spark a consumption surge of Rs.3-3.5 lakh crore, potentially raising nominal private final consumption expenditure (PFCE) by 1.5-2% over its current Rs.200 lakh crore base.

Outlook

India is poised to sustain a robust 6.5% GDP growth in FY 2026, driven by favorable monsoons and stable commodity prices. This momentum is supported by a resilient manufacturing sector, moderated inflation, tax incentives, and strong urban consumption. Additionally, continued infrastructure expansion and economic reforms are reinforcing Indias ability to navigate global uncertainties.

Looking ahead, India is expected to maintain its potential real GDP growth of 6.5% YoY from FY26 to FY28, positioning itself as the worlds third-largest consumer market by 2026 and the third-largest economy by 2027, trailing only the United States and China. The countrys nominal GDP is projected to rise from USD 4 trillion in FY25E to over USD 6 trillion by FY30E.

This growth trajectory is likely to be fueled by a manufacturing and export push, increasing services exports, and accelerated digitalization, all contributing to higher productivity and efficiency gains. However, challenges persist, including the need to create productive employment for the expanding workforce, a less favorable global trade environment, and the impact of automation on jobs.

INDIAN WATER AND WATER MANAGEMENT INDUSTRY

India is home to 18% of the worlds population but has access to only 4% of its water resources, placing it among the most water-stressed nations globally. A significant portion of the population already faces high to extreme water stress, with growing dependence on increasingly erratic monsoon rains only intensifying the challenge. Climate change is compounding the issue, contributing to more frequent and severe floods and droughts, while melting Himalayan glaciers further threaten long-term water stability.

The water and wastewater management sector in India plays a vital role in ensuring the sustainable use of water resources, covering everything from purification and distribution to the collection, treatment, and safe disposal of wastewater. Technological advancements in automation, filtration, and intelligent water systems are driving greater efficiency, reducing waste, and supporting long-term sustainability. With growing water scarcity and heightened awareness of conservation and pollution, the demand for innovative treatment and recycling solutions is rising. Industries are increasingly embracing water recycling to reduce dependence on freshwater, while urban areas are adopting decentralized systems to repurpose wastewater for non-potable uses such as irrigation, cooling, and landscaping·paving the way for more responsible and resilient water management.

Valued at around USD 1.13 billion in 2025, the Indian water and wastewater management is expected to reach USD 1.89 billion by 2030, at a CAGR of 10.78%. Indias water and wastewater sector stands on the brink of transformative growth, driven by robust government investments, technological innovation, and rising private sector involvement. With a national vision of ensuring universal access to clean drinking water and sanitation, the industry is rapidly embracing cutting-edge solutions like wastewater recycling, desalination, and digital water management. This report presents an in-depth look at the evolving landscape, capturing key trends, emerging opportunities, pressing challenges, and the collaborative efforts of both government and industry to build a water-secure future by 2025.

Indias water supply and used water treatment sector is undergoing a significant transformation, evolving in response to rapidly changing climate conditions and increasing urbanization, both major contributors to growing water scarcity. This transformation is being propelled by progressive government initiatives, technological advancements, innovative treatment methods and a focus on water circularity, underscoring the urgent need for sustainable solutions. In line with these efforts, the government is promoting a unified “One Water” approach, which integrates water supply, sanitation, wastewater management and reuse to enhance service efficiency and resilience.

Urban areas generate over 72,000 million litres of sewage daily, yet only a third of this is treated. The rest not only goes to waste but also pollutes vital water bodies and groundwater reserves. With agriculture consuming nearly 89% of freshwater, more efficient irrigation and large-scale wastewater reuse are essential for sustainable water use.

The Ministry of Water Resources estimates that Indias water demand will rise to 1,093 billion cubic metres (BCM) by 2025 and 1,447 BCM by 2050, barely aligning with the limited usable supply. Only 55.6% of the total 1,953 BCM annual availability is effectively utilizable due to pollution and infrastructure constraints. Demand is expected to increase by 22% by 2025 and 32% by 2050, with the industrial and domestic sectors accounting for 85% of usage by the mid-century. Alarmingly, southern and northwestern regions are projected to face the most acute water stress in the near future.

Indias water demand and consumptive water use

Key government initiatives launched to address the water challenge

• Jal Jeevan Mission (JJM) and National Rural Drinking Water Programme (NRDWP) aim to ensure access to safe tap water for every rural household.

• Namami Gange, under the National Mission for Clean Ganga (NMCG), focuses on rejuvenating the Ganga and reducing pollution.

• Atal Mission for Rejuvenation and Urban Transformation (AMRUT) is designed to provide essential urban services such as water supply and sewerage to households.

• International agencies like the World Bank, JICA, and ADB are actively funding water infrastructure projects across India.

• State governments are also investing in water and wastewater projects through their respective budgets.

• Private sector participation is increasing, particularly in wastewater treatment, through PPP and HAM models in both municipal and industrial sectors.

• The National Infrastructure Pipeline (NIP) aims to invest Rs.111 trillion during FY2020-25, covering over 9,000 projects across 35 sub-sectors. Jointly funded by the centre, states, and private sector, it focuses on key greenfield and brownfield developments to address infrastructure gaps and drive Indias growth potential.

Water demand from the domestic and industrial sectors is rising sharply, outpacing growth in the agricultural sector. Their share of total water withdrawals is expected to grow from 5% and 6% in 2000 to 8% and 11% by 2025, and further to 11% and 18% by 2050. This surge is largely driven by rapid industrialization, urbanization, and economic expansion. Notably, for the first time, the additional water required by these sectors is projected to surpass that of agriculture, accounting for 54% of the total increase in demand between 2000 and 2025, and an even more significant 85% between 2025 and 2050.

Key trends shaping the Indian water industry

Governments focus on integrated water management

Indias water management sector is gaining strong momentum, backed by increased government focus and budgetary support through key schemes like Jal Jeevan Mission (JJM), AMRUT, and Swachh Bharat Mission. The Union Budget 2025-26 allocates Rs.670 billion to JJM, Rs.100 billion to AMRUT, and Rs.50 billion to SBM-Urban, with JJM extended to 2028 to enhance rural water supply quality through community participation.

Infrastructure upgrades are progressing, with AMRUT 1.0 and 2.0 together enabling over 11,000 MLD of sewage treatment capacity, a significant portion earmarked for reuse. Initiatives like Jal Hi Amrit (JHA) and decentralised state efforts further promote wastewater recycling. States like Tamil Nadu and Uttar Pradesh are formulating water reuse policies, while global collaborations with Nepal and South Australia highlight Indias commitment to integrating international best practices in sustainable water management.

Promoting direct high-quality tap water access

Many Indian cities face challenges from ageing water infrastructure, leading to significant losses and non-revenue water. To address this, governments and utilities are advancing drink-from-tap (DfT) initiatives that ensure safe, 24x7 water access while reducing plastic waste. The Jal Jeevan Mission has already connected nearly 81% of rural households. Odisha leads with cities like Puri and Gopalpur achieving full DfT coverage, supported by the community-led Jalasathi programme. Further, MoHUA is considering Goas Rs.6.5 billion DfT proposal under AMRUT 2.0, which includes smart metering and IoT- based monitoring systems.

Digital advancements

The water sector is rapidly embracing digital and tech-driven solutions to boost efficiency, transparency, and sustainability. Flagship programmes like AMRUT 2.0 and JJM, supported by global agencies, are leading this transformation with initiatives such as smart water management, GIS-based planning, and a dedicated tech sub-mission. Over 500 innovations are being incubated under AMRUTs start-up challenge, promoting paperless governance and real-time monitoring. Technologies like SCADA, IoT, AI, and GIS are enhancing leak detection, asset tracking, and energy optimization. Academic and policy initiatives, like Osmania Universitys IoT sewage monitoring and the Jal Shakti Ministrys Bhu-Neer portal, are also reinforcing this digital shift.

Advanced industrial used water treatment gains uptake

India is witnessing a strong shift toward sustainable industrial water treatment, with advanced tertiary technologies like reverse osmosis gaining momentum. Tamil Nadus Rs.2.45 billion plant at Ukkadam STP exemplifies this trend. Simultaneously, institutions like IIT Guwahati, Shivaji University, and NIT Rourkela are pioneering low-cost, eco-friendly solutions using biochar, showcasing a balanced approach of policy- driven infrastructure and grassroots innovation.

Promotion of circular water usage and desalination

To combat water scarcity and promote sustainability, the sector is shifting toward a circular water economy, prioritising the reuse of treated wastewater across industries, agriculture, and urban systems. States like Maharashtra, Gujarat, and Tamil Nadu are driving this transition through supportive policies, with cities such as Navi Mumbai, Raipur, and Chennai implementing large-scale reuse projects. Simultaneously, desalination is emerging as a key alternative in coastal regions, particularly on the eastern coast, where major plants like Chennais 400 MLD Perur facility are gaining momentum, supported by international funding and government initiatives.

Conservation-based and river rejuvenation initiatives

India is accelerating its shift toward decentralised water management, with a strong focus on sustainable, localised solutions. In April 2025, Rs.31.4 billion was approved for 27 decentralised STPs to clean the Yamuna in Delhi. Nationwide, river and lake rejuvenation efforts are gaining momentum, supported by plans like TERIs ten-point roadmap and state-led initiatives such as Delhis anti-foaming drive and Uttar Pradeshs Gomti mission. Campaigns like Indores groundwater recharge program and the Jal Shakti Abhiyan: Catch the Rain highlight the growing emphasis on rainwater harvesting, community involvement, and coordinated action for water security.

Outlook

Indias water sector stands at a critical juncture. While policy reforms and infrastructure upgrades have sparked progress, deep-rooted challenges remain. Public hesitation around the use of treated used water, especially in agriculture and potable applications, continues, largely due to misconceptions and limited awareness of safety standards and treatment protocols. Infrastructure gaps, particularly the lack of dedicated pipelines for distributing treated water, and inefficiencies in sewage and fecal sludge treatment plants, further hinder progress. These issues point to an urgent need for improved plant design, skilled workforce development, and stronger performance monitoring systems.

With the nations water demand expected to double by 2040, risking a shortfall of 750 billion cubic metres, India must prioritise investment in smart infrastructure, circular water systems, and innovative technologies. The path forward includes building a robust digital ecosystem, adopting trenchless pipeline technologies, and leveraging public-private partnerships (PPPs) to improve operational efficiency. Equally important is the upskilling of engineers, enhancing financial and PPP literacy, and embedding community participation into every stage of project execution. Indias water future depends on embracing decentralised, data-driven, and inclusive governance. By aligning policy with grassroots action and drawing from global best practices, the country can build a resilient, sustainable, and equitable water ecosystem for the years ahead.

INDIA WASTE TO ENERGY MARKET

Indias waste-to-energy sector has emerged as a vital solution to two of India pressing challenges, rising energy demand and growing waste generation. With rapid population growth and industrial expansion, traditional waste disposal methods like landfills are becoming increasingly unsustainable. Waste-to- energy offers a promising alternative by converting waste into usable energy, electricity or heat, that can support local industries and reduce dependence on conventional energy sources.

The sector holds significant untapped potential, with an estimated 1,700 MW of electricity generation capacity from urban waste alone, 1,500 MW from municipal solid waste and 225 MW from sewage, along with an additional 1,300 MW from industrial waste. Backed by active government support, including subsidies and incentives from the Ministry of New and Renewable Energy (MNRE), the market is poised for robust growth. Yet, with only about 2% of this potential currently harnessed, the opportunity for expansion remains vast and compelling.

Growing demand for waste-to-energy (WTE) solutions in India

• Rapid urbanization: Over 400 million urban residents are generating increasing volumes of waste, straining existing disposal systems.

• Landfill limitations: Land scarcity, environmental hazards, and health risks make traditional landfill methods unsustainable.

• Renewable energy goals: WTE solutions support Indias push for non-fossil energy sources by converting waste into usable energy.

• Government policy support: Initiatives like Swachh Bharat Mission and Smart Cities Mission promote modern, decentralized waste management systems.

• Public-private partnerships: Urban local bodies are collaborating with private sector players to implement efficient, scalable WTE technologies (combustion, biomethanation, gasification).

• Reduced landfill burden: WTE helps divert waste from landfills, lowering environmental impact and improving city sanitation.

• Integration with urban planning: WTE is increasingly being incorporated into infrastructure development, reflecting strong policy alignment and growing market acceptance.

Growth of the Indian Waste to Energy Solutions Market (in USD billion)

Valued at around USD 2.34 billion in 2024, the industry is expected to grow at a CAGR of 11.56% to USD 6.74 billion by 2033. The biochemical segment is poised to lead the India waste-to-energy market in revenue, driven by the growing adoption of anaerobic digestion technology. This widely used process breaks down organic waste in the absence of oxygen, producing biogas, a renewable source of energy. Its dual benefit of effective waste management and clean energy generation makes anaerobic digestion a sustainable and increasingly preferred solution in the sector.

Today, municipal waste holds the largest revenue share in Indias waste-to-energy market, driven by the sheer volume of waste generated in urban areas and the growing emphasis on efficient waste management. With municipal solid waste (MSW) being a major source of methane emissions, one of the key contributors to global warming, theres an urgent need to reduce the environmental burden of landfilling. Waste-to-energy technologies offer a compelling solution by converting this waste into usable energy, making it an increasingly attractive option for both local governments and private players committed to sustainability.

Government support and initiatives

The Indian government is actively driving the waste-to-energy (WTE) sector through strong policy support and infrastructure development. With 249 operational plants and 44 more under construction as of March 2022, initiatives like the RDF fuel mandate and state-level partnerships, such as Keralas collaboration with global banks, highlight a coordinated push to create a robust WTE ecosystem.

Energy demand and environmental concerns

Indias growing energy needs and focus on sustainability make WTE a key solution. With an estimated potential of 5.7 GW, WTE technologies help reduce waste and generate clean energy. Adoption is rising, as seen in waste processing rates improving from 18% in FY2016 to 73% in FY2022, backed by advances in emission and monitoring systems.

Key growth drivers

Increasing waste generation: As of 2024, India produces over 62 million tonnes of municipal solid waste each year, a number steadily rising with increasing urbanization and consumption. While around 43 million tonnes are collected, only 12 million tonnes undergo proper treatment, leaving a vast amount of waste unmanaged. This growing challenge highlights the urgent need for waste-to-energy (WTE) solutions that can transform untreated waste into valuable energy, easing the burden on landfills and supporting sustainable urban development.

Energy demand-supply gap: Indias energy consumption touched 1,415 TWh in 2023 and is expected to rise steadily in the coming years. As the country moves away from fossil fuels, Waste-to-Energy (WTE) emerges as a promising renewable alternative. Yet, with only 5-7% of waste currently being converted into energy, there remains vast untapped potential. Recognizing this opportunity, policymakers are increasingly encouraging the development of WTE plants to support the nations evolving energy mix and sustainability goals.

Government push for renewable energy: The Government of India has set an ambitious goal of achieving 500 GW of renewable energy capacity by 2030, with Waste-to-Energy (WTE) playing a vital supporting role. In 2023, the Ministry of New and Renewable Energy unveiled plans to add 200 MW of WTE capacity to the grid by 2025. This push, backed by financial incentives and strong public-private collaborations·is accelerating the growth and adoption of WTE solutions across the country, making it a key pillar in Indias clean energy transition.

Outlook

Over the next five years, Indias Waste-to-Energy (WTE) sector is poised for strong growth, fueled by rising municipal waste volumes, advancements in waste conversion technologies, and robust government support for renewable energy. Initiatives like the National Clean Energy Mission and other waste management programs are set to accelerate this momentum, as the country works to transform urban waste into a sustainable energy solution and bridge existing energy gaps.

Company overview

JITF Infralogistics Limited (JIL)

Established in 2008, today, JITF Infralogistics Limited (JIL), along with its subsidiaries, is in the business of development of urban infrastructure, water infrastructure, management of municipal solid waste and generation of energy from municipal solid waste. JIL stands as one of Indias largest Waste-to-Energy (WtE) and water management infrastructure developer. With a portfolio of 153 MW and over 13 years of proven expertise in the WtE and waste management sector. The Company has firmly established its presence and is well-positioned to lead the industry nationwide through JITF Urban Infrastructure Limited (JUIL). JIL carries on water infrastructure business through its subsidiary JWIL Infra Limited (JWIL). JWIL is a holistic water management company with presence across the entire value chain of Water. Established in 2006, JWIL has been working towards sustainable water infrastructure development Pan India. JWIL is a single source solution provider for Water Infrastructure with strong in-house design and engineering capabilities, delivering projects from conceptualization to operations.

JIL is actively involved in shaping urban infrastructure and advancing sustainable solutions. Its diverse operations span the development of water infrastructure, management of municipal solid waste, and generation of energy from waste. With over a decade of successful WtE plant operations, JIL has carved a niche in the sector, maintaining full compliance with Pollution Control Board emission norms.

Key strategic priorities for the Company

Key performance highlights, FY2024-25 JITF Urban Infrastructure Limited (JUIL)

JUIL, today, has 8 WtE operational and under-construction projects amounting to a total capacity of approx. 153 MW.

In FY25, JUIL delivered a strong performance, recording standalone revenue of Rs.100 crore, up from Rs.87.67 crore in the previous year. The Okhla Waste-to-Energy (WtE) plant, with a 23 MW capacity, contributed Rs.85.05 crores, processing around 6.3 lakh MT of municipal solid waste (MSW) and generating over 170 million units of green energy, of which approximately 145 million units were exported to the grid. Additionally, it produced over 784 tonnes of compost and recovered more than 618 tonnes of recyclables. Since its inception, the plant has prevented the conversion of nearly 100 acres into landfills and avoided the generation of over 10 million KL of leachate, thereby safeguarding groundwater.

The Tehkhand WtE plant (25 MW) generated Rs.103.41 crores in revenue, processing 6.4 lakh MT of MSW and producing over 210 million units of clean energy, with about 188 million units supplied to the grid. It also recovered more than 738 tonnes of recyclables, while helping to preserve nearly 10 acres of land from landfill use.

Our Guntur WtE plant (20 MW) operated at a PLF of 90 - 100%, generating Rs.81.05 crore in revenue. It processed 3.36 lakh MT of MSW and 40,060 MT of RDF, resulting in 131.85 million units of electricity, of which 116.2 million units were exported to the grid. The plant treated 41,385 KL of leachate, which was repurposed for green belt development.

In Visakhapatnam WtE facility, the 15 MW plant also ran at a PLF of 90 - 100%, generating Rs.75.63 crore in revenue. It processed 3.6 lakh MT of MSW and nearly 65,000 MT of RDF, generating 127 million units of energy, with 110 million units exported, and treated 27,345 KL of leachate.

The Ahmedabad WtE plant (15 MW), inaugurated during the year, generated Rs.25.50 crore in revenue. Designed to process 1,000 TPD of MSW, it produced over 41.8 million units of electricity from 1.6 lakh MT of waste.

Our Jaipur facility (15 MW), commissioned during the year, features a Material Recovery Facility handling 1,000 TPD of MSW. Operating steadily at over 75% PLF, it has supplied electricity worth Rs.15.96 crore up to May 2025.

Looking ahead, JUIL has successfully secured WtE projects in Nellore and the Kakinada-Rajahmundry cluster in Andhra Pradesh. All our operational plants have delivered robust performance, meeting waste processing, energy generation, and compliance benchmarks. With a continued focus on process efficiency, infrastructure enhancement, and stakeholder collaboration, JUIL remains committed to driving sustainable and profitable growth in the waste-to-energy sector.

Key performance highlights, FY2024-25 JWIL Infra Limited (JWIL)

In FY25, JWIL recorded an operational revenue of Rs.1,838.38 crores, reflecting a 15% decline from Rs.2,164.25 crores in FY24. As of March 31, 2025, our order book remained robust at Rs.3,900 crores, with L1 orders valued at Rs.4,000 crores and a strong O&M order book of Rs.1,000 crores, underscoring continued business momentum and future growth potential.

JWIL continues to pursue a focused and disciplined approach to project acquisition, guided by parameters set by the Board. In FY25, JWIL secured new orders totaling Rs.1,428 crore, aimed at enhancing drinking water supply and sewage treatment infrastructure. Key projects include the Ayodhya Project in Uttar Pradesh (Rs.207 crore), NTPC Lara in Chhattisgarh (Rs.470 crore), Pirtand (Rs.136 crore) and Palamu (Rs.557 crore) projects in Jharkhand, and the Prayagraj STP Project in Madhya Pradesh (Rs.58 crore).

In FY25, JWIL delivered a robust financial performance despite a slight dip in revenue. EBITDA rose by 27.3% to Rs.255.12 crore, while PBT increased by 16.6% to stand at Rs.186.78 crores in FY25 compared to Rs.160.22 crores in FY24 and PAT increased by an impressive 31.3% to Rs.149.88 crores in FY25 compared to Rs.114.16 crores in FY24, reflecting strong operational efficiency. To enhance its capital structure, the

Company converted Rs.121.30 crore worth of Optionally Fully Convertible Debentures, taking its net worth to Rs.555.71 crore as of March 31, 2025. Strategic cost-saving initiatives also contributed to a modest improvement in overall profitability.

In FY 2024-25, the JWIL credit rating improved to CRISIL A-Stable, reflecting stronger financial health and operational discipline.

Key financial ratios also showed marked improvement:

a) Debt to Equity at 0.62 (FY24: 0.94)

b) Gearing ratio at 17.61% (FY 35.13%)

c) Current ratio at 1.49 (FY24: 1.64)

d) Net debt at Rs.118.80 crores (FY24: Rs.198.07 crores)

Driven by a focus on automation, digitalisation, and enhanced operational efficiency, JWIL has undertaken several initiatives to optimise performance. During the year, JWIL successfully completed the Byrama, Patyora, and Guwahati C3 projects. Looking ahead, it aims to complete eight more projects in FY26, including Chhitakhudari, Guwahati C1, Ranchi, Nagapattinam, Chidambaram, Sikatia, Nashik, and Isarda.

Financial review - JITF Infralogistics Limited (JIL)

During the financial year, the company achieved a gross revenue of Rs.369.82 lacs against Rs.320.81 lacs achieved during the previous year. The net profit for the financial year stood at Rs.28.45 lacs as compared to Rs.17.19 lacs in the previous year. At the consolidated level, the Company achieved a gross revenue of Rs.2,26,481.04 Lakhs against Rs.2,53,518.17 Lakhs achieved during the previous year. The net loss after tax for the financial year stood at Rs.(2,442.99) Lakhs 13,045.51 lacs as compared to a net profit after tax of Rs. 4,703.13 Lakhs in the previous year.

Consolidated Financial performance summary (Rs. in crores)

	FY24	FY25	% Change
Gross Revenue from Operations	2,535.18	2,264.81	-10.66%
EBIDTA	446.63	451.50	1.09%
Depreciation	74.80	78.83	5.39%
Finance cost	298.24	352.19	18.09%
Profit before Tax (PBT)	92.19	20.48	-77.79%
Profit after Tax (PAT)	47.03	-24.43	-151.94%

Risk management at JITF Infralogistics Limited (JIL)

Risk management at our Company is a structured and proactive approach aimed at identifying potential threats, assessing their impact on operations, and implementing effective mitigation measures. While many risks can be anticipated and addressed through a robust internal control framework, certain uncertainties remain unpredictable. These are navigated using the deep industry experience and strategic foresight of our leadership. We have established a comprehensive risk management system tailored to the nature of our business, with clearly defined roles at the senior management level to ensure timely detection and response. Operating in a dynamic environment, we continuously evaluate risks and take appropriate actions to safeguard the Companys stability and long-term sustainability.

Economic risk

The Companys performance could be adversely affected in the event of an economic slowdown. How JIL is safeguardedRs.

India remains one of the worlds fastest-growing economies, recording a solid 6.5% growth in FY25. Government projections indicate this strong momentum is set to continue. The growing focus on alternative energy sources presents promising opportunities for our industry, backed by supportive policies and increased investment interest. Additionally, the governments push for comprehensive water management, spanning drinking water, irrigation, wastewater, and industrial effluent treatment, is expected to drive sustained growth across these critical sectors in the years ahead.

Operational Risk

The waste-to-energy and water management sectors are exposed to significant operational hazards. Unplanned disruptions, equipment failures, or inefficiencies in plant operations can impact performance, delay project timelines, and hinder the achievement of EBITDA targets. Effective risk mitigation, regular maintenance, and process optimisation are essential to ensure operational reliability and safety.

How JIL is safeguardedRs.

Implementing a well-strategized health and safety training and practices along with detailed SOPs has helped the company avoid such risks. Further, JILs zero-tolerance attitude toward safety incidents at all levels of operations has helped substantially reduce such incidents across its different facilities. Trained personnel, comprehensive monitoring of operations on a technical and geological basis has helped JIL timely identify any other operational risk and take necessary mitigating measures.

Competition risk

Growing competition could have an adverse bearing on the Companys profitability.

How JIL is safeguardedRs.

JILs established brand name, unique designs, cutting-edge technology access, attractive pricing, strong relationships with the clients as well as sectoral experience have translated into a competitive advantage.

Technology risk

Outdated technologies or delay in the adoption of the latest technology can negatively impact the operations of the Company.

How JIL is safeguardedRs.

At JIL, we have put in place several proactive measures. These include regular technology audits, benchmarking against industry best practices, and maintaining close engagement with technology partners and solution providers. Regularly monitors global trends to identify relevant innovations, while strategic investments are made in automation, and digitization. Continuous employee training ensures readiness for technological transitions, and pilot testing of new systems helps mitigate implementation risks.

Information Technology

In todays fast-evolving digital world, technology is the backbone of seamless operations and long-term efficiency. To stay ahead of the curve, the Company has implemented SAP ERP across all its business locations in India, enabling greater accuracy, flexibility, and efficiency. Building on this foundation, it is now preparing to integrate Artificial Intelligence into operations to further enhance performance.

SAP ERP has played a critical role in streamlining functions such as sales, logistics, procurement, production, HR, and maintenance, contributing to near-zero downtime in FY25. The Company has also established a robust disaster recovery system and proactive monitoring tools to ensure business continuity and swift recovery from potential outages. Cybersecurity remains a top priority. The Company has fortified its IT environment with advanced tools like Next Generation Firewalls, Virtual LANs, and Managed Detection and Response systems. Regular internal communications help raise user awareness about cyber risks and safe digital practices.

Beyond ERP, digitalisation efforts extend to other business functions, with tools for claims, reimbursements, and Microsoft 365 ensuring secure, efficient collaboration. By embracing next-gen technologies and continuously evaluating risks and system performance, the Company is building a resilient, future-ready IT infrastructure that supports innovation and employee engagement.

Internal control and Internal Audit system and their adequacy

To maintain strong internal controls across its operations, the Company has put in place a comprehensive and well-structured framework. This system is designed to ensure the accuracy and reliability of financial and operational information, support compliance with applicable laws, and protect the Companys assets. It includes both entity-level and process-specific controls, which are regularly reviewed and assessed for their effectiveness and relevance.

To facilitate the same, following measures have been initiated:

• The Company has put in place a robust data security management system

• The Company is employing data analytics in the internal audit

• All operations are executed through Standard Operating Procedures (SOPs) in all functional activities, and these are updated and validated periodically as per the business need

• The internal control systems are evaluated with respect to their compliance with the operating systems and policies of the Company across all locations of the Company

• Advanced technology is employed to enhance operational efficiency, a major component in forming adequate internal controls

• The Company has a robust risk management system which enables the organization to define the detailed risk associated with the business activities and putting the mitigation plans in place for all such identified risks

• The Companys Books of Accounts are maintained in SAP and transactions are executed through SAP (ERP) setups to ensure precision and accuracy in transactions and integrity and reliability in reporting. SAP is widely used to standardize internal control processes across the Company

• A Delegation of Authority (DOA) matrix schedule is integrated into the SAP setup which allows for approval of transactions and is periodically reviewed by the management and examined by auditors.

• The Company has zero tolerance towards statutory non-compliance. Changes in the regulatory environment are regularly monitored

• Our Internal Audit department comprises of in-house Internal Auditors who are professionally qualified. The scope and its functions are covered under an Internal Audit Charter which the Audit Committee has sanctioned. An internal audit is carried out every year, based on an Annual Internal Audit Plan established on risk assessment and carries the approval of the Audit Committee

• The Company has a code of ethics in place in accordance with SEBI-mandated guidelines. However, no cases of violation have been recorded so far. The Whistle Blower Policy allows reporting incidents where the code of ethics is breached. Redressal, as well as monitoring of reported cases is undertaken by a designated authority

The Internal Audit plan is reviewed and approved by the Audit Committee at the start of each year, setting the stage for a comprehensive evaluation of the Companys internal controls and risk landscape. Clear roles, responsibilities, and accountabilities are defined to ensure strict adherence to management- approved policies and procedures. A robust and ongoing monitoring system helps identify potential risks and operational issues in a timely manner. Both the Management and Internal and Statutory Auditors conduct thorough assessments to ensure the strength and effectiveness of the Companys control environment.

Human resource and Industrial Relations

At JITF Infralogistics Limited, we believe that the happiness and satisfaction of our employees are central to our growth journey. We strive to embed our Core Values - Team Spirit, Openness & Fairness, Commitment to Excellence, Customer Focus, and Care for People·into every aspect of our workplace culture. Strengthening the bond between employer and employee is a continuous effort, driven by thoughtful strategies and adaptive processes that align with our organisational goals.

Our approach to Human Resource Development is rooted in identifying core competencies and equipping our people with the skills needed to deliver impactful results. Regular technical and behavioural training, job rotations, and exposure to emerging technologies help build both capability and confidence, while also enabling effective succession planning. A dedicated “Succession Planning Policy” is in place to ensure a steady pipeline of talent for key roles.

Performance and growth go hand in hand at JITF. Through our Target-Based Performance Management System (TBPMS), we conduct transparent, merit-based appraisals across all grades. This process helps us recognise top performers, identify training needs, and offer meaningful career progression opportunities. For those needing support, we have a structured “Performance Improvement Plan” to guide and uplift their performance.

We are committed to creating an inclusive and empowering environment, especially for women. Our strong policy framework ensures zero tolerance towards sexual harassment and offers swift and fair grievance redressal. Regular workshops and awareness programs further reinforce a culture of safety, respect, and equality.

Our commitment extends beyond the workplace. We provide comprehensive employee amenities· medical facilities, transportation, subsidised cafeteria, cultural and sports events, and festival celebrations. Understanding that our responsibilities also lie with our employees families, we offer robust insurance coverage and organise health camps, awareness talks, and life skills sessions for their holistic well-being. All these efforts contribute to a nurturing, balanced, and engaging work environment·reflected in our low attrition rates and high employee satisfaction. At JITF Infralogistics, our people truly are our greatest strength.

Health and safety measures

The company places utmost importance on the health and safety of its employees and the environment it operates in. We are committed to fostering a safe, transparent, and supportive workplace where every individual feels secure and valued. By continuously investing in the learning and development of our team, we aim to nurture talent and enhance capabilities across the organization. Our dedicated and experienced EHS team works relentlessly to uphold the highest safety standards, with a shared goal of making our workplace completely accident-free.

Some of the health and safety protocols and measures that are inculcated in the system:

• Regular safety training sessions to each employee to equip them with knowledge and information regarding safety standards and procedures

• Conducting regular safety audits to identify potential workplace risks and hazards and chalking out preventive measures

• Employees working at shop floor are provided with personal protective equipment (PPE) to shield themselves from potential dangers like falls, cuts, and burns, etc.

• The Company believes in always being ready and equipped to respond to emergencies like fires, natural catastrophes, and medical problems by developing well-structured plans and protocols

• The Company deploys environmentally friendly practices to minimise pollution and lessen its adverse effects on the environment

• The Company ensures that it adheres to all the safety rules and guidelines as prescribed by the various government authorities

Cautionary statement

The statements in the Management Discussion and Analysis section describing organisational objectives, projections, estimates, and prediction may be considered as forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the Companys strategy for growth, product development, market positioning, expenditures and financial results, are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Companys actual results, performance or achievement may thus, differ materially from those projected in such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statement on the basis of any subsequent developments, information or events. To avoid duplication and repetition, certain heads of information required to be disclosed in the Management Discussion and Analysis have been included in the Boards Report.